FNGD vs HYG: Correlation
How closely do MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and iShares iBoxx High Yield Corporate Bond ETF (HYG) trade together? Their weekly returns over three years give a correlation of -0.49, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and HYG?
On 3 years of weekly data the FNGD/HYG correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.54 over 1 year against -0.49 over 3. The 5-year figure is -0.53, and annualized covariance runs at -172.7 %².
By 3-year correlation, HYG places #1569 of the 1743 assets tracked against FNGD. Correlation aside, the last 12 months split them widely, with HYG ahead by 60.3 points (-55.7% versus +4.6%). Note the risk asymmetry: FNGD runs 16.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FNGD vs HYG: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | HYG (iShares iBoxx High Yield Corporate Bond ETF) | |
|---|---|---|
| 1-year return | -55.7% | +4.6% |
| 5-year return | -99.4% | +19.9% |
| Volatility (ann.) | 75.7% | 4.7% |
| Beta vs S&P 500 | -4.54 | 0.22 |
| Max drawdown (3Y) | -97.6% | -4.6% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | – |
| Dividend yield | 0.00% | 5.94% |
| Expense ratio | – | 0.49% |
| Assets under management | – | $17.1B |
| Sector / category | US Listed | ETF · Bonds |
HYG is a High Yield Bond fund from iShares: $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield.
Year-by-year returns
| Year | FNGD | HYG |
|---|---|---|
| 2022 | +52.2% | -11.0% |
| 2023 | -90.1% | +11.5% |
| 2024 | -76.6% | +8.0% |
| 2025 | -61.4% | +8.6% |
| 2026 | -49.5% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and HYG good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNGD and HYG?
The FNGD/HYG correlation stands at -0.49 on a 3-year window (1 year: -0.54, 5 years: -0.53), computed from weekly returns as of 2026-08-27.
Is HYG a good diversifier for FNGD?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fngd-vs-hyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fngd-vs-hyg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNGD correlations · HYG correlations
